At 2.43pm, it had reached a high of 20 sen.

About 30,000 shares were traded at the opening bell. The group’s listing was the 14th on Bursa Malaysia and the second on the LEAP Market for 2022.

Prior to the group’s listing, 29 investors, including substantial shareholders, directors and key management personnel, subscribed for 21.1 million new Snowfit’s shares, representing 10% of the company’s enlarged issued share capital at a subscription price of 12 sen per share.

Snowfit founder and managing director Low Cheng Yong said the group raised gross proceeds of RM2.53 million, of which almost 16% has been earmarked for the setting up of branches in Perak and Penang, slated for operations in the third and fourth quarters of 2022, respectively.

Another 44.7% , or RM1.132 million, will be used for working capital, while the remaining for listing expenses.

Low said the listing will allow the group to continue strengthening its presence in the domestic market by tapping into the anticipated growth of the massage and wellness equipment industry in Malaysia.

“We see a promising market for the industry as the market share for massage chairs in households is low.

“We aim to continue branching out all over Malaysia in the coming years and hope to be listed on the ACE Market within three to five years,” he told reporters after the listing ceremony today.

He said the industry, which grew at a compound annual growth rate (CAGR) of 23.4% from RM90.4 million in 2016 to RM209.6 million in 2020, is forecast to grow at a CAGR of 19.5% between 2021 and 2023 from RM242.1 million to RM345.6 million.

The group’s products include a wide range of quality massage chairs and wellness equipment that are retailed through various online and offline channels that include an e-commerce platform and two showrooms cum warehouses in Balakong (Selangor) and Johor Bahru.

As the group intends to focus on the wellness industry, it will cease operations in the musical instruments and accessories segment once the remaining stocks are sold.